Complying with FATCA – The Foreign Accounts Tax Compliance Act - NASBA CPE - 1.5
- Speaker:Miles Hutchinson
- Product Code:GRC-90440
- NASBA CPE: 1.5
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Group Internet Based | 1.5 (1 CPE for 50 minutes) | Accounting - 1.5CPE (1.5 CPE) | Finance- 1.5CPE (1.5 CPE) | Intermediate | Prerequisites - None| No advance preparation.
FATCA was enacted by Congress in 2010 as part of the HIRE Act. It attempts to restore tax fairness by focusing on foreign financial assets of US Citizens that are not being properly reported and taxed. With the announcement of final regulations in February, 2013, the US Department of the Treasury and the IRS have been busy designing, implementing and executing intergovernmental agreements, new and revised forms, and instructions to force US Citizens and foreign financial institutions into compliance.
Why Should You Attend:
Don’t be the last one to learn of your testing, reporting and withholding obligations and don’t fall victim to the huge penalties that can accrue for noncompliance. Join us for an information-packed webinar on this timely and complicated new law and learn how to comply with your withholding and reporting obligations.
Description of Topic:
Miles Hutchinson, experienced CGMA and financial analyst, will discuss the basic principles of FATCA, the affected businesses and individuals, the new and revised forms to effect compliance and provide you with simplifying charts and tables to help you determine your steps to full compliance. He will provide practical instructions and guidance for applying FATCA and will identify the key issues that will help you avoid potential penalties for noncompliance.
Areas Covered in the Seminar:
In just 90 Minutes you will gain the following insights:
- What is FATCA
- Who is affected-there’s more to this than just the FFI reporting requirements
- Briefing on the two Model Agreements between the U.S. government and foreign governments or foreign institutions
- Impacts of FATCA on forms W-9, W-8, 1099, 8966, 8938, & FBAR-FinCEN 114
- Tables on the expanding compliance requirements
- Useful tables and charts for determining the definitions of foreign financial assets requiring reporting under FATCA
- Exceptions to reporting and the grandfathering provisions
- Penalty risks for noncompliance, including the extended statute of limitations
- Case studies – a tale of two offenders with significantly different outcomes; plus two additional cases
- References to key resources to help keep you up-to-date
Who Will Benefit:
- Bank Managers
- Compliance Officers
- Information Reporting Officers
- Tax Managers
- Accounting Managers
- Compliance Managers
- Risk Managers
- Companies and Associations that might be interested in attending this session
- Anyone making payments to U.S. persons through Foreign Financial Institutions or Non Financial Foreign Entities, All Foreign Financial Institutions and Non Financial Foreign Entities who may have U.S. account holders
- AICPA, CGMA, IOMA, TAPN
By Miles Hutchinson, CGMA, President, Sales Tax Advisors, Inc.
Miles Hutchinson is a CGMA and experienced businessman. He has been an auditor with PriceWaterhouseCoopers and the Chief Financial Officer of a one billion dollar real estate development company. Miles is a professional speaker and consultant who has presented over 2,500 seminars and training sessions on a myriad of business and financial topics, like financial analysis and modeling, accounting, strategic planning, and compliance with the Sarbanes-Oxley Act. He is recognized as an expert in payroll and sales & use tax as well as financial modeling & analysis, business strategy and communications. He is the author of several useful accounting and tax tools. His clients include, Abbott Labs, Bank of America, Boston Scientific, Citicorp, Corning, the FBI, the FDA, the Federal Reserve, GE, Pfizer, Siemens, US Marine Corps, and the US Army. Please visit his web sites to see how you can further benefit from his expertise.